Categories

January 16, 2021

My News on Point

Daily News Update From Top News Blog Around The World | Your News on The Go

N10.9bn Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others

2 min read

Justice Lateefa A. Okunnu of the Lagos State High Court sitting in Ikeja, on Tuesday, January 5, 2021, convicted and sentenced Okey Nwosu, a former Managing Director, Finbank Plc, to three years imprisonment for over 10m fraud.

The Economic and Financial Crimes Commission, EFCC, had arraigned Nwosu alongside Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi on a 26-count amended charge bordering on stealing and illegal conversion to the tune of N10,934,704,402.



The defendants, who perpetrated the fraud while they were directors of the bank, pleaded not guilty to the charge preferred against them, thereby leading to their full trial.

In the course of the trial, the prosecution counsel, Rotimi Jacobs , SAN, called witnesses and also tendered several documents that were admitted in evidence against the defendants.

Delivering her judgment, the Judge found the defendants guilty and sentenced the first and second defendants, Nwosu and Famoroti, to three years imprisonment each.

The Judge also sentenced the third defendant, Ocholi, to 12 months imprisonment and slammed a six- month community service on the fourth defendant, Ebubedike.

The case had, suffered a setback as the defendants challenged the jurisdiction of the trial court up to the Supreme Court. While the court maintained its jurisdiction to try the defendants, Nwosu approached the Lagos Division of the Court of Appeal which in November 2013 struck out the charge against the banker. 

The appellate court ruled that the Lagos High Court lacked jurisdiction to entertain the charges because they emanated from capital market transactions, which should be handled by the Federal High Court.

Following the appeal court ruling, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike approached the Lagos High Court to dismiss the charges preferred against them. 

But Rotimi Jacobs, SAN, counsel for EFCC had prayed the court to adjourn the matter indefinitely pending the determination of its appeal at the Supreme Court

Justice Okunnu upheld the prayers of Jacobs and adjourned the matter sine die to allow the Supreme Court rule on the matter.

The Supreme Court, in its judgment, upheld EFCC’s appeal. 

The Supreme Court directed Nwosu and co- defendants to submit themselves for trial before the Lagos High Court. 


Source link

Facebook Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Follow Us
  • Contribute to MyNewsonPoint - Register to become an author to contribute with your knowledge.
  • Send breaking news, releases, photos or videos of happenings around the world Us via
Live Updates COVID-19 CASES
  • World 94,907,592
    World
    Confirmed: 94,907,592
    Active: 25,140,998
    Recovered: 67,737,108
    Death: 2,029,486
  • USA 24,293,560
    USA
    Confirmed: 24,293,560
    Active: 9,560,493
    Recovered: 14,327,881
    Death: 405,186
  • UK 3,357,361
    UK
    Confirmed: 3,357,361
    Active: 1,749,665
    Recovered: 1,519,106
    Death: 88,590
  • Italy 2,368,733
    Italy
    Confirmed: 2,368,733
    Active: 557,717
    Recovered: 1,729,216
    Death: 81,800
  • Nigeria 108,943
    Nigeria
    Confirmed: 108,943
    Active: 22,156
    Recovered: 85,367
    Death: 1,420
  • Ghana 56,981
    Ghana
    Confirmed: 56,981
    Active: 1,404
    Recovered: 55,236
    Death: 341
//zuphaims.com/afu.php?zoneid=3682068